Good morning, ladies and gentlemen, and welcome to the half-year results announcements for Safaricom PLC for the period ended 30th September 2025. On behalf of our Board of Directors, the Management Team, and the staff of Safaricom PLC, we thank you very much for joining us in person and virtually for this event. My name is Caroline Wambugu. I serve as the Head of Financial Planning, Analysis, and Investor Relations here at Safaricom, and I'll be your moderator for the day. I'm glad that we could meet in person as well as connect virtually and engage this morning. Should you like to keep your social media followers updated, our hashtag today is #SafaricomHYResults. I'll repeat that: #SafaricomHYResults, and should be appearing on your screen now as we speak, and in staying committed to our promise on diversity and inclusion, our sign language interpreters are Tobias Omondi and Mary Louisa Wanja.
To kick us off, we will start with our Group Chief Executive Officer, Dr. Peter Ndegwa, who will give a business overview delving into our purpose and strategy. He will be followed by our Group Chief Financial Officer, Dilip Pal, who will take us through the financial performance and results for the period under review. Peter will then come back to give a summary and outlook. This will then pave way for our Chairman, Adil Khawaja, who will share his closing remarks. Thereafter, we will field a question-and-answer session for those in the room and also for the rest of you that are joining us online. You definitely will not be left out, and for you online, I would like to request that you share your questions with us through the Menti platform. That is www.menti.com, and use the code that is now appearing on your screen. That is 37878519.
You could also, at your comfort, just scan the QR code, and it will also take you to the same page. I'll repeat the Menti code again: 37878519. As is the norm, when we release our results, I would like us to take into account a very important, I would say, instruction that we put out as part of our disclaimer just to help us appreciate that what is being discussed has certain assumptions. So it is important this morning to remind us that we make statements that contain projections or are forward-looking and that relate to, amongst other things, the strategies, outlook, future events, and performance guidance of Safaricom PLC and Group. These are not guarantees of the company's future operating or financial results and involve certain unforeseeable risks and assumptions. We trust that you will perform your usual due diligence in the application of the same.
Now, I would want you to just prepare yourselves to be able to get into the results announcements. But before we do so, we can just be watching this video just for one minute.
[Foreign language]
Ladies and gentlemen, allow me to again repeat the disclaimer that it is important to remind us that when we make statements that contain projections or are forward-looking and that relate to, amongst other things, the strategies, outlook, future events, and performance guidance of Safaricom PLC and Group, that these are not guarantees of the company's future operating or financial results and involve certain unforeseeable risks and assumptions. We trust, as you've always done, that you will perform your usual due diligence in the application of the same. It is now my very distinct pleasure to welcome our Group CEO, Dr. Peter Ndegwa, to make his presentation. Thank you.
Good morning. Good morning, everyone.
Good morning.
And I'm saying this to those in the room. Good morning.
Good morning.
Thank you, thank you, Caroline. Fellow shareholders, representatives of the investor community, the board, management, and staff of Safaricom Group, members of the media present or online, invited guests, ladies and gentlemen, thank you for joining us for our half-year 2026 financial results announcement. Today, our presentation will cover four areas. I'll begin with a brief on how we are marking our silver jubilee milestone. I want to start by saying let's clap for Safaricom at 25. That's not enough. Clap better. So next, I will cover the operating environment and commercial performance for both Kenya and Ethiopia. I'll then provide a summary of our financial results, which Dilip, our CFO, will unpack in much greater detail. Finally, I'll close with our outlook for the remainder of the financial year. So this year marks our silver jubilee.
We marked 25 years of transforming lives through innovation and empowerment, from 17,000 subscribers in the year 2000 to over 50 million customers in Kenya and now over 10 million in Ethiopia. To celebrate, we've launched three initiatives, and you can see some of those launches on this slide: Shangwe @ 25, which is a national consumer promotion where 25 customers across Kenya will become millionaires and get an additional KES 250,000 to fund a community project of their choice. Our first millionaire, as you can see, is on the top left, who is Yvonne Wanjiku, a 20-year-old from Kiambu, well, actually, let's clap for her. I should say that she was born after Safaricom was born, and she tells us that she intends to use part of our winnings to enroll for a nursing course, which is fantastic.
We wish we are happy for her, and we wish her well in the future. This promotion will see us over the next two months, which is the duration of the promotion, award over 5 million people across the country, across our ecosystem of customers and M-PESA agents, dealers, merchants, and micro and small and medium-sized enterprises. We also have what we are calling the Safaricom Green Box initiative, which will bring festive cheer with surprises such as devices and treats such as chicken, believe it or not, and goats to brighten the homes across Kenya. For those who are present today, I don't know whether the chairman will be generous enough to offer a goat as you leave. And our recently launched, the third area is our recently launched Citizens of the Future program, a program that will elevate education for our children for years to come.
These celebrations go beyond prices. They energize our ecosystem. We affirm our promise to remain Kenya's trusted tech company, driven by service, innovation, and empowerment. Looking at how we transform lives, we've transformed over 22 million lives in the past 25 years. Through our foundations, we supported communities in health, in education, and in economic empowerment. In health, in education, economic empowerment, and in environmental conservation. Sustainability and community support have powered our success. We'll create an enduring impact in education through the Citizens of the Future program, which will shape Kenya's education for generations to come. Thank you, so we are inviting our communities and our customers to create this vision with us by, for example, nominating schools for upgrades. In sustainability, we have advanced inclusion and shared prosperity. We are driving social progress through tech-powered inclusion, sustainability, and ESG.
Our purpose is clear: transforming lives while building a sustainable business with a target of net zero by 2050. Our innovations have reshaped communication and financial services through inclusive solutions. The 14th annual sustainability business report we released, which we released this year, showed we created one trillion in society value, which is more than 16 times the profit we made in the past financial year. Let us now go into our review of our operating environment, starting with Kenya. Kenya's economy showed resilience, with GDP growing at 5% and inflation easing to 4.6%, which is within 4.6%, which is within the CBK targets. The shilling remained stable to the dollar, supported by improved foreign exchange reserves, which is now about 4.8 months' cover. The euro, however, strengthened against the shilling.
Recent CBK benchmark rate cuts of interest rates are aiming to boost credit, and economic activity is positive, but we need to translate into lower borrowing costs. Global trade disruptions and fiscal pressure may continue adding pressure to the cost of living. As a result, our customers' disposable income is under pressure, affecting their spending habits and leading to demands of better value and more flexible pricing. I'll now have a brief look at our strategy house and our vision. We remain on track to deliver our vision. We are anchored in purpose, driving sustainable growth and positive change in Kenya, in Ethiopia, and beyond. The results we are about to announce reflect the disciplined execution and relentless focus on the customer. We are confident in our path, guided by the key strategic pillars as envisioned in our strategy house.
The foundations are to being a purposeful technology company, and our strategy and of our strategy delivery is hinged on our capacity and our capability in AI and having future-ready tech platforms. We are using AI to transform how we work and using platforms such as Fintech 2.0 to shape the future. Let me get into a bit more detail on how we are using AI to transform service to customers and our society. We use AI to make customer interactions seamless through AI chatbot running on our web services. It is delivering experiences and so resolving customer issues faster and delivering personalized service. AI is aiding in smart pricing by understanding customers better so that we can offer the right products at the right time. AI is keeping our networks running more efficiently and avoiding our downtime.
Most importantly, AI is helping us detect and prevent fraud that has affected our customers. For example, through AI models, including identity theft detection, social engineering prevention, and fraud risk scoring, we've seen a huge reduction in fraud incidents. These reaffirms our commitment to continuously deliver worry-free, safe, and secure digital and financial services. Behind it all are strong foundations of data strategy, governance, and secure deployments. Let me now tell you a little bit more about Fintech 2.0. We launched Fintech 2.0, which is a cloud-native platform built for speed, security, and fraud prevention. It allows us greater capacity, resilience, and ability to innovate. Fintech 2.0 is shaping the future of M-PESA. We've added new features, including shared wallets, split payments, and tap-to-pay. We've embedded AI to strengthen fraud detection, enable self-healing, and power real-time monitoring. Reliability is guaranteed.
Fintech 2.0 delivers near-perfect service availability, and our cloud design keeps the system stable and scalable. This transformation positions M-PESA to meet the growing needs and demands of Africa's digital economy while preparing for future opportunities. Turning now our focus to our consumer business in Kenya. We are seeing steady growth across all our customer groups, thanks to strong execution and innovative products. Our segment strategy is paying off. We've built tailored offers and segment-led solutions, giving customers more options and choice. From B-Live for youth entertainment to personalized propositions for boda boda riders and taxi drivers, each designed to fit different customer lifestyles. We are making smartphones more accessible and helping more Kenyans upgrade to 4G Plus.
Today, over 25.7 million customers in Kenya use 4G Plus devices on our network, half of whom are very active data users of more than 1 GB per month. In financial services, we are scaling our M-PESA ecosystem by accelerating customer growth and merchant integration. This drove usage, grew transactions, and kept us ahead despite rapidly changing market conditions. We are keen on developing platforms that will shape the future. Case in point is what we have just launched, the Fintech 2.0 platform. In addition, we are working on developing AI-intuitive One app that will consolidate both our connectivity and also our digital financial services, which are currently two apps into one single app, serving our customers better. Our developer community is thriving. The larger platform now has AI-powered enhancements for better security, scalability, and experience.
And we are intentional on growing payments with good traction in savings, investments, and consumer credit. Our super app keeps adding value with almost six million customers now using it on a monthly basis. Looking at how we've supported our private sector, our private enterprises, and public sector, we are driving Kenya's digitization transformation, or rather, we are driving Kenya's digital transformation, powering growth in both public and private sectors. Our enterprise business continues to grow across GSM, IoT, wholesale, and international business. As we mark 15 years of our enterprise business, we launched a Gen AI-powered product recommender. We also hosted an innovation workshop to help MSMEs go digital. In the public sector, we are enabling Kenya's digital journey with health, payments, agriculture, and with innovations and partnerships fueling the next wave of impact. Finally, in Kenya, looking at the status of our fixed broadband business.
Fixed broadband business maintains a strong growth trajectory led by fixed wireless access. We've simplified customer journeys through digital onboarding, personalized care, and enhanced in-home experience for greater reliability and convenience. We've scaled faster, reduced costs to serve, and expanded access to customers who need lower price points they couldn't access before. We are driving adoption powered by technology and strong partnerships. To deepen inclusion, we are introducing pay-as-you-go propositions for this customer base in the second half of this financial year. Let's now turn our focus to our Ethiopia business, starting with the operating environment. Ethiopia is full of promise, and we are here for the long term. The operating environment is shifting with the government-led structural reform. Inflation is easing, while GDP growth remains robust, supported by IMF debt restructuring. Challenges remain.
Delayed price repair in the wake of currency reforms, especially for industries buying in foreign currency like ourselves, have strained our ability to grow sustainably. In addition, industry pricing has not adjusted to reflect the cost of these reforms, the cost impact of the reforms, forcing players to sell at prices that do not reflect the full cost of offering the service. A recently published World Bank report, which was commissioned by the telecommunication regulator in Ethiopia, the Ethiopia Communication Authority (ECA), lays out the market dynamics in detail and calls for a more harmonized approach to industry issues. We are actively engaging stakeholders to fix the structural and also regulatory gaps and build a more sustainable industry for Ethiopians. We remain resilient, investing prudently, and committed to building a more sustainable digital future for Ethiopia. Let me briefly talk about investing in Ethiopian communities.
Ladies and gentlemen, true to our purpose of transforming lives, we've established our foundation in Ethiopia, which is called the Safaricom Ethiopia Foundation. Setting it up before we even break even shows our deep commitment to the communities we serve. Together with our partners, we are supporting education, agriculture, economic empowerment, health, and relief efforts across Ethiopia. This is not just about today. It's about building a lasting impact that will shape Ethiopia's future for generations. Looking at how we've executed in our business, we've sustained commercial progress in a challenging environment. We are driving 4G adoption through high-value data positioning, digital content partnerships to accelerate smartphone uptake. Customer journeys have been simplified with self-serve options and loyalty boosted through targeted campaigns. Integrated propositions, innovative pricing, and retention strategies are deepening engagement and adoption.
[Foreign language], which is Amharic for plenty, we might hope I've got this right this time, is a CVM more for more offer platform that is aimed at driving revenue growth, increasing M-PESA usage, and accelerating customer acquisition and strengthening brand affinity. Let us look at some of the financial numbers. We continue to see strong financial growth despite some headwinds. Safaricom Ethiopia continues to operate in a highly challenging environment despite notable commercial progress and momentum on the key network and commercial KPIs in the first half of this financial year. Notwithstanding these challenges, we demonstrated resilience and growth across business units, achieving the milestone of going beyond 10 million three-month active customers in just over two and a half years after commercial launch. On the network side, we are almost 3,300 sites.
Ethiopia's network capacity is just below half of the size of what we have in Kenya, which signifies the speed at which we have grown our network in that country. This accomplishment underscores our commitment to supporting Ethiopia's digital transformation through inclusive and high-quality mobile connectivity. And then now, what everyone has been waiting for, and all the rest was people waiting for Peter to get to the real information and news. So, having taken you through the context of our performance during this period, I'll now summarize our overall financial performance for the group and the two individual businesses. Safaricom Kenya achieved KES 194 billion in service revenue. I repeat that: KES 194 billion in service revenue, which is a growth of 9.3% year-on-year. Earnings before interest and taxes, which is EBIT, grew 13.1% to KES 89.5 billion, and net income grew 22.6% to KES 58.2 billion.
This came off a high growth in the previous year, which was also double-digit. We are very pleased with the outcome for the Kenya performance. Let's clap for the business. In Ethiopia, currency reforms are starting to create a more liquid market. Losses in our business have reduced by 20% year-on-year to 15.5 billion ETB as the business mbtures, even as pricing and currency reform challenges persist. It is important to note the Birr depreciation against major currencies of both the U.S. dollar and the euro contributed about a third of the Ethiopian net losses. At group level, the growth is very impressive. Service revenue grew by 11%, 11.1% to close at 200 billion KES. Let's clap for that. I'm sure the people online are clapping more than the people in the room. Should I have given them breakfast, Dilip?
EBIT, which is earnings before interest and tax, jumped 54.5% to 65.2 billion KES, and net income grew 52.1% to 42.8 billion KES. So, as we can imagine, we are very pleased by these strong results in the first half of our Vision 2030 strategy. And now, on that very strong note, I will hand over to our CFO, Dilip, to take us through our performance in much greater detail. Thank you very much.
Morning, everyone. Should we go back to the previous slide? Yeah? And I think we need to clap a little bit more for that slide, right? And do you know why? Once you clap for that slide, what I'm going to present after this, I think it will be very easy. Yeah? It will be very easy.
Morning, everyone, once again, and thank you very much for joining us this morning for our results presentation for the period ending 30th September 2025. It is my pleasure to take you through our financial performance. Peter noted we are celebrating Silver Jubilee milestone, and we are getting ready for the next chapter. Please note that the detailed result materials will be available and accessible on our website right after this session. With that, let's turn to the next slide and begin with the performance of our Kenya business. I will discuss Ethiopia's performance later in my presentation. Let me start off with the customer story. We recorded impressive customer growth across all segments. One-month active M-PESA customers increased by 13.3% year-over-year, adding 2.1 million customers for the first half.
This is very special given we have recently celebrated M-PESA at 18 with all our customers, agents, dealers, merchants, and all stakeholders. Our one-month active connectivity customers also grew by 7.5% year-over-year to 37.5 million. Fixed data customers grew by 31.4% year-on-year, closing at 432,000 customers. This remarkable customer growth is a clear testament to the strong loyalty we have established with our customers over the last 25 years. Moving now to service revenue. Service revenue grew strongly by 9.3%, as Peter mentioned, on the back of two years' back-to-back double-digit growth and driven majorly by double-digit growth in M-PESA and mobile data revenue. If you look at the charts on the right, we experienced growth across all segments of revenue.
M-PESA led with a 14% growth year-over-year, contributing approximately two-thirds of the service revenue growth, and now accounts for 45.4% of service revenue, which is a growth of 1.9 % points compared to the same period last year. Connectivity business still continues to be the largest segment at 49.6% of service revenue and has grown by 5.3% year-over-year, driven by strong mobile data performance. Now, let's start with M-PESA performance. The M-PESA revenue profile continues to evolve with increased contribution from new verticals. Consumer and business payments are, of course, the major growth drivers, contributing 93% of the growth in M-PESA revenue, boosted majorly by the robust merchant ecosystem, which I'll talk about shortly in detail. Financial service revenue, which mainly consists of credit, wealth, and insurance, grew 14% year-over-year, the fastest growth recorded in the last three years. I'll also talk about that shortly.
We have increased our agents' footprint by 20% year-over-year to over 319,000 agents to ensure that our customers have adequate service touchpoints to their convenience. Total payments revenue, which makes up 74% of M-PESA revenue, grew by 19% year-over-year. Now, shifting gears to the volume and value of M-PESA transactions, the M-PESA ecosystem continues to expand, with the total volume growing by 27% to 22 billion KES transactions and the value transacted growing by 5% year-over-year to 20 trillion KES. 60% of our transaction volumes are non-chargeable and are growing faster than the chargeable transactions. The top-left chart shows that non-chargeable transactions volume grew by 31%, driven by microtransactions, that is, lower denominated transactions dubbed Kadogo, which account for 70% of the growth. Kadogo transactions are transactions of KES 100 and below for person-to-person transactions and KES 200 for business merchant payments that benefit the merchants.
Peter spoke about the constrained wallet of the customers. As part of our responsible business practices, we have ensured that affordability is the key for our customers, with the lower denominated transactions made free of charge. As per the chart on the right, Kadogo transactions volume makes up 61% of the total non-chargeable volume and continues to grow strongly year-over-year by 38%. Going into the details of the business payments growth of 19% year-over-year, the combined merchant base of formal merchants, Lipan M-PESA, and informal merchants, Pochi La Biashara, reached 2.4 million, representing a growth of 55% year-over-year. Thank you. Pochi La Biashara merchants grew 73% year-over-year to 1.5 million. A bigger clap? With the revenue almost doubling to KES 1.7 billion in this first half of the year. Total revenue from merchant payments grew by 32% year-over-year to KES 6 billion.
76% of 3 billion merchant transactions done are free and make up part of the Kadogo transactions that I just spoke about. We are extremely pleased with the acceleration in the merchant ecosystems as we aim to be a responsive company to the changing needs of our customers. Still on M-PESA, now on financial services offerings, the credit portfolio has been on a recovery path due to the full repricing to make it more affordable and has recorded a growth of 14% year-over-year in the period under review. The total distinct credit customers across all credit portfolios stood at 9.5 million, a growth of 15% year-over-year. We also rolled out the merchant lending products that are gaining traction, with a contribution of 5.8% of the total credit revenue in this first half of the year.
Fuliza, which is, of course, the flagship credit product, accounts for 59% of the credit revenue and grew 35% year-over-year, driven by affordable pricing and enhanced credit limits. Fuliza volumes increased by 30% year-on-year to 2.6 billion, with values growing by 40% year-over-year to KES 0.6 trillion. The monthly loan disbursements are now above KES 100 billion, up from an average of KES 75 billion same period last year. This is an area with great potential for growth as we work together with our partners to meet the needs of our customers. Lastly, on M-PESA, the super apps play a pivotal role in facilitating digital transactions to support consumers' lifestyles and business transactions. The adoption is gaining traction from the increased awareness campaigns done in the period under review. Active customers on the consumer app grew by 63% year-over-year to 5.8 million, with active merchants reaching 348,000.
Transactions volume on the consumer app rose by 56%, while the business app recorded a 70% increase year-over-year. Both apps combined contribute approximately 10% of M-PESA's total revenue, up from 8% same period last year. We are keen to give our customers an unmatched experience as they transact with the apps. Please note that for more detailed information on M-PESA's performance, you can refer to the results booklet, which will be available on our website shortly. Let's now move on to connectivity business performance. Connectivity revenue primarily consists of voice, mobile data, messaging, and has grown 5.3% year-on-year, accounting for one-third of the growth in service revenue. The growth profile mix has shifted during the first half, as we have seen a slight decline in voice revenue by 2.1% and messaging decline by 11.7% year-over-year, indicating changes in customer preference.
This drop was more than compensated by mobile data, which grew by an impressive 13.4% year-over-year. Mobile data revenue has, for the first time, surpassed voice revenue and now accounts for 21% of total service revenue. It has also contributed one-third of the overall growth in the service revenue. Now, the enabling factors, I'll talk about that. The number of 4G devices reached 25.7 million, a growth of 28% year-on-year. This includes 1.3 million 3G devices, sorry, 1.3 million 5G devices. This increase in devices, coupled with the provision of the right content and personalized offers to our customers through big data analytics, drove usage, with the average usage per user reaching 4.9 GB, showing a growth of 21% increase year-over-year. 12.9 million customers are now using more than 1 GB in a month, representing 19% growth year-over-year.
We also introduced time-based data proposition dubbed B-Live to serve the strivers and youth segments, which had 1.6 million customers utilizing it by the end of September. Our customer value management initiatives and AI capabilities have significantly improved our ability to provide targeted offerings to our customers, as Peter mentioned earlier. The integrated bundle offering is also helping to support growth, contributing 17% of the combined revenue in voice, data, and messaging. Our commitment to customer-centric pricing and segment-led value proposition remains unwavering, even in the face of evolving market dynamics. Finally, let's talk about the fixed business. The fixed business recorded year-over-year growth of 9.5%, mainly attributed to good momentum on customer growth. The consumer fixed segment, which makes up 44% of the fixed service revenue, recorded 16.3% revenue growth year-over-year, with the enterprise segment slowing down to a year-over-year growth of 2%.
Strong momentum on customer growth continues, with consumer customers growing 35% year-over-year to 355,000 customers and enterprise customers growing by 17% to 77,000 customers. The growth in enterprise customers is mainly coming from the SME segment, explaining the slowdown in enterprise and fixed revenue due to lower average revenue per account. Let me also give some key highlights on our different cost lines, starting with operating cost, which grew by 10.4% year-over-year. The cost increase was majorly driven by 8.7% depreciation of KES to euro in the six months and an increase in advertising and promotion cost for milestone celebration in the period. Excluding forex impact, the operating cost grew by 7.4% year-over-year, which is well within expectations of inflationary adjusted cost, with our OPEX intensity remaining very stable at 17.5%.
The graph on the top right shows direct cost, which declined by 0.3% year-over-year, driven by decreased handset sales and the reduction in our bad debt provisions in the period. Excluding handset cost, direct cost grew 6.6% year-over-year, delivering a healthy contribution margin of 74.8%, an improvement from 72% in a similar period last year. The interest cost, on the other hand, declined by 36.7% year-over-year, driven by a decrease in the effective cost of debt, with the improvement in the macroeconomic environment, as Peter mentioned. Overall, our costs are well managed and have supported the delivery of a strong bottom line. As I conclude, Safaricom Kenya has commenced its five-year strategy for FY 2030 on a very strong footing.
In summary, we have recorded strong growth on key financial matrices, an impressive service revenue performance of KES 194 billion, a growth of 9.3% year-over-year, robust year-over-year double-digit growth of EBITDA of 10.6%, 13.1% growth in EBIT, consistent with the growth recorded in FY 2025, and a net income growth of 22.6% to KES 58.2 billion, boosted by reduced financing cost. We look forward to even driving better performance in H2. Let's now talk about Safaricom Ethiopia performance. Just to note, Ethiopia is no longer considered a hyperinflationary economy. Effective July 2025. We have, therefore, discontinued IAS 29 reporting, apart from the indexed balance sheet non-monetary assets that will unwind over time, impacting depreciation and amortization. Accountants in the room, I'm very happy to explain it later if you have any questions on this. We are encouraged by the commercial momentum, considering the tough macro environment with the currency reforms.
On customers, our 90-day active customers have recorded significant growth across all segments, driving usage and consequently revenue. 90-day active customers crossed the 10 million mark to reach 11.2 million. Voice customers more than doubled to 9.6 million. Data customers grew 1.8 times to reach 8.9 million, representing a 93% penetration of the 90-day active voice customers. On usage, we continue to see acceleration. Data usage continues to grow, recording an average usage of 6.7 GB per chargeable customers, which is 1.4x times that of Kenya. Voice users grew 1.5 times year-over-year to 146 minutes per user, while voice ARPU more than doubled year-over-year, driven by usage as we started to see the network effect of the higher voice customer base. All these ARPU numbers that I just spoke about are in local ETB terms.
We are encouraged by this progress and are on track to meet our commercial scale targets. Unpacking service revenue of Ethiopia in big detail. First of all, to mention that Ethiopia will contribute significantly to our group performance as we scale. In the period under review, revenue growth accounted for 11% of the group service revenue growth. The expected market pricing repair did not happen. Despite this, in local currency, service revenue almost tripled year-over-year to ETB 6.5 billion, representing 179.1% year-over-year growth. We are also observing some key shifts in the revenue mix. Voice revenue has demonstrated significant growth of 5x year-over-year and are now accounting for 22% of total revenue, compared to 13% during the same period last year.
Mobile data revenue remains a substantial component of the business, growing 28% and contributing two-thirds of the service revenue, still affirming our leadership in providing a superior network in the market. It's also good to note that we are seeing some commercial traction on fixed business, although on a very small base with about 600 customers and growing. Overall, the revenue mix is starting to shift as the business benefits from the network effect as we gain scale on the customer base and as we diversify our product in the market. Now, just to unpack the bottom line performance in Ethiopia, local currency has continued to depreciate against both the dollar and the euro. Peter spoke about it. In terms of percentage, the Birr has depreciated 17% against the dollar and 33% against the euro. I repeat, 17% against the dollar, 33% against the euro.
The reported numbers, therefore, also show year-over-year improvement. As you would recall, last year, H1, because of currency reforms, the BET depreciated significantly over 106%. 60% of the EBITDA loss in half-year 26 was driven by BET depreciation. The underlying performance, therefore, excluding local currency depreciation, recorded improved performance year-over-year in all lines, EBITDA, EBIT, and net loss, excluding minority interest. Despite not having the price corrections that we anticipated, we continue to take cost optimization measures to cushion the impact of depreciation of currency, and this is showing up in our underlying performance. Now, in closing of the Ethiopia business commentaries, let me share with you the update on funding. The total funding at the end of September 2025 stood at $2.47 billion, $2.47 billion . The shareholders injected an additional $98 million in the period under review.
We took an additional facility of $100 million, which is a foreign currency. That took the foreign currency debt to $200 million. We continue to assess the funding needs of Safaricom Ethiopia more regularly to ensure that business is well funded. Now, to give you some flavor of the group numbers, I'll start with CapEx, the group CapEx. We continue to invest in our network and IT systems to support capacity upgrades and user experience. Our group capital expenditure in the period declined by 25.5% year-on-year to KES 43.7 billion, with the CapEx investment in Safaricom Ethiopia declining by 66%, and this is very much in line with our medium-term outlook that we have spoken about. The Ethiopia business rolled out an additional 165 sites, bringing total sites to 3,306. The group CapEx intensity of 21.3% is well within the plan of the year.
On our group debt levels and cash flow, the group net debt, including leases, closed at KES 141 billion, an increase of KES 12 billion from the same period last year. This was majorly driven by an additional $100 million loan I just spoke about we have taken in foreign currency in Ethiopia, offset by a reduction in Kenya debt portfolio. With the healthy growth in group EBITDA by 57%, our net debt to EBITDA ratio declined from last year's 0.99 to 0.69 as of the end of 30th September. The chart on the right shows that the free cash flow declined by 24%, mainly due to working capital changes and higher tax payment, partly offset by improved EBITDA and lower CapEx. Negative working capital in Kenya is mainly due to timing effect and will unwind in H2.
In Ethiopia, negative working capital movement reflects payment of CapEx commitments and a lower level of CapEx creditors due to lower CapEx spend in H1. We expect cash flows to normalize in the second half of the year. In conclusion, to summarize the group financial performance for the first half of the year, outstanding financial performance for Kenya with impressive double-digit growth on key lines. Ethiopia's performance shows reduced losses relative to the previous period, which was affected by the impact of currency depreciation. On a constant currency basis, eliminating foreign exchange translation impact, the group performance recorded service revenue growth of 11.3%, EBITDA growth of 27.9%, and EBIT growth of 38.3% year-on-year. With the group net income excluding minority interest, growing by 45.8% year-on-year, signifying that the underlying health of the business is solid.
As we have said in the past, as our Ethiopia business gains scale, the overall positive impact to the group performance will be material. Ladies and gentlemen, this concludes my presentation. Our attention now shifts to H2 delivery. Just to mention again that the result materials will be available on our website shortly. Thank you for your time. Back to you, Peter, for additional remarks.
Another clap for our CFO. I thought, Dilip, you'd leave the slides at that very fantastic-looking slide on the numbers. Yeah? I'm sure Dilip, our CFO, can watch that slide the whole day. So anyway, thank you, Dilip. Fantastic delivery. Ladies and gentlemen, let me take a moment to summarize the key takeaways from the two presentations myself and Dilip have made. So in summary, we've delivered very strong performance driven by excellent execution.
In Kenya, we are marking our silver jubilee, having crossed the 50 million customer mark and launched Fintech 2.0, AI deployments across the business, and setting up a future-ready tech organization. In Ethiopia, we are engaging the government and key stakeholders to navigate market repair caused by the impact of currency reforms, which is necessary for a sustainable industry into the future. The business also achieved a key milestone, crossing the 10 million customer mark, and is now contributing positively to group performance. And you'll have seen that 11% of our growth at group level came from Ethiopia. As a group, we have had a solid start to our Vision 2030 strategy cycle, and are maintaining, and this is important for our investors and analysts, we are maintaining our full year 2026 guidance.
So looking at our H2 in terms of execution, in Kenya, we remain focused on executing our strategy through segment-led execution and integrated solutions. In our consumer business, we will deepen partnerships to accelerate 4G Plus device access and availability, alongside scaling content solutions. In financial services and enterprise, we will move beyond connectivity and payments with propositions in credit, in savings, and insurance, while driving, which is quite important, while driving our merchant acceleration and growth. In our fixed business, we are expanding reach and affordability to deliver reliable, always-on broadband. And for our Ethiopia business, the priority is addressing operational and financial challenges and also meeting our regulatory obligations while retaining our commercial momentum. So in summary, ladies and gentlemen, we are committed to a strong year in both markets, accelerating and scaling our tech solutions.
So as I conclude, ladies and gentlemen, I want to thank everyone who has worked with Safaricom from the very beginning in the past 25 years. To our customers, thank you for choosing us and for putting your trust in us. This business has been successful also because of the many partners and stakeholders across our ecosystem. To you all, I say thank you, and affirm that we remain committed to our partnerships and collaborations. To our board, led by our chairman present here today, Adil, and also some of the board members present and those online, your support has been invaluable. To all my colleagues in both our Kenya and Ethiopia businesses, your dedication and hard work is what powers our success. We are committed to our vision of becoming Africa's leading purpose-led tech company by 2030, and to using technology to solving societal challenges and customer issues.
I look forward to your continued support in the second half of the year. I say, [Foreign language] . I also, I hope I pronounced that right, to our Ethiopian colleagues, thank you very much. It is now my pleasure to invite Chairman Adil to give his concluding remarks.
Shareholders, representatives of the investor community, the board, management, and staff of Safaricom PLC, members of the media and online community, invited guests, ladies and gentlemen, good morning and welcome. It's a pleasure to join you as we present the financial results for the first half of the 2025-2026 financial year. Let me begin by congratulating every member of the Safaricom team whose dedication and hard work have contributed to these impressive results. Thank you.
On behalf of the board, I commend the management team, led by Peter, for its exemplary execution of the tactical business plans, working to deliver on the strategy that we set. Peter and Dilip, your commitment to excellence continues to drive our success. Well done. As we mark 25 years of Safaricom's journey, the board remains deeply aware of the pivotal role this organization plays in Kenya and across the region. Over the years, our mission as a technology company goes beyond connecting people. It's about connecting them to opportunities. Over the years, the board has overseen innovations that have significantly advanced economic inclusion and empowerment. From pioneering mobile money in 2007 to strategic investments in fiber and our expansion into Ethiopia, we have consistently been at the forefront of transformative decisions.
For many of you who may not know, our journey began as a small department within the Kenya Posts and Telecommunications Corporation. Some may remember that back then, the mobile phones were the size of a brick. Since then, we have grown in leaps and bounds to now serving over 60 million customers. Safaricom is today a large enterprise with a market capitalization exceeding KES 1 trillion. I repeat, KES 1 trillion. Through inclusion, empowerment, and innovation, we have helped drive economic and social progress nationwide. Having turned 25 so strongly, we are inspired to shape the next 25 years, expanding connectivity, commerce, innovative solutions, and financial inclusion across Africa, building on our legacy and amplifying our impact. Ladies and gentlemen, we successfully concluded our first strategic cycle last year, anchored on the vision of transforming from a telecommunications company to a purpose-led technology company.
We have now embarked on our next strategic phase with the ambition of becoming Africa's leading purpose-led technology by 2030. On behalf of the board, I'm pleased to express our satisfaction with the management's execution of this strategy as reflected in today's results. The board sets the visions not merely as declarations, but as commitments to embed purpose, technology, and customer obsession into every facet of our business. This period has presented new challenges, including heightened competition and evolving regulatory landscapes. In Ethiopia, our progress reflects growing economic confidence. We continue to advocate for a fair and level playing field for all investors. In Kenya, the resilience of our MSME sector continues to fuel our efforts to expand connectivity, empower entrepreneurs, and support inclusive growth. To sustain this momentum, the board's role is to provide strategic support, particularly in navigating regulatory environments.
We are grateful to the governments of Kenya and Ethiopia and to our regulators in both countries for their ongoing engagement and collaboration. These partnerships are essential in delivering solutions that benefit our customers. Our commitment to translate these engagements into tangible progress, deepening access to digital and financial tools that transform everyday lives. We will continue to engage constructively with governments, policymakers, and regulators to fulfill our obligations, drive positive change, and foster sustainable growth. On behalf of Safaricom PLC, I wish to express my sincere gratitude to both the Kenyan and Ethiopian governments for their strong support. Thank you. I would also like to thank my fellow board members, some of whom are here, for their unwavering dedication, strategic insight, and oversight. Your leadership has been instrumental in guiding Safaricom through this transformative phase.
To our management team and our staff, thank you for your exceptional commitment and innovation. Your efforts are the foundation of our achievements. In conclusion, I am proud of what we have accomplished together. To our stakeholders, thank you for your continued support throughout our 25-year journey. To the chairman who came before me, the directors who came before us, and all the executives of Safaricom who came before the team we have today, we applaud you for all your hard work and vision. [Foreign language] . You have walked with us every step of the way, and we are confident that we will continue this journey together for the next 25 years. We remain committed to transforming lives, connecting people to opportunities, and addressing society's day-to-day challenges. Thank you very much.
Ladies and gentlemen in the room, let's give our leaders a better hand clap. That's a great delivery.
That's a great delivery. I don't know what data point you have picked. I've picked so many, and I know for the viewers online, you're saying, "Of course, of course, you have picked so many." But it's 25 years of our existence at Safaricom. 25 years of serving you. 25 years of being present for you 24/7. You know, so it's really been a wonderful season with these half-year results. And as you've seen from the numbers, we are talking KES 200 billion in service revenue for this past half for the group, over 60 million customers for the group. I mean, indeed, a great, great set of results. And now, ladies and gentlemen, we've come to the end of our half-year 26 presentation, and I would like us, in our usual manner, to engage with you.
We usually like to take your quick questions and comments for purposes of just interacting with the results so that we can be able to hear from you as you also hear from our leaders on certain aspects, and just to remind those of us online, thank you. I see your questions trickling through, so thank you so much for that, but just to remind us, the code for the Menti platform is 37878519. Of course, you can also, for your comfort, scan the QR code, so allow me to bring back our leaders back to the stage so that we can get into this particular session, and I'll start with our CEO, Dr. Peter Ndegwa, if you could please join us on stage, followed by our CFO, Dr. Dilip Pal, and lastly, Dilip Pal. I'm going to pay dearly for that one.
And of course, in the room, our CEO of Safaricom Ethiopia. And you've seen those double-digit growth. So Wim Vanhelleputte, if you could please join us on stage as well. So we'll start with questions in the room, and then I'll go online as well. So if you're in the room and you'd like to ask your question, this is a good chance for you to raise your hand or you'd like to make a comment. And before you give your question or comment, I'll kindly request that you identify yourself. So just please share your name and the company that you represent, and then go ahead to ask your question or make your comment. I see a hand here. A mic is coming to you. Just right here.
All right, thank you so much. My name is Maina Chege.
I'm from The Exchange and also the Trading Bell KTN. I just wanted to get a highlight on the share because a lot of the people as we're watching would want to comment on that. So I don't know, Peter, something on the share so that at least we can be more happier. Thank you.
You mean the share price, right? Share price?
You mean share price. So I was wondering what was to comment on share.
So thank you, Chege. That's a good question. Like Dilip, I was wondering whether you mean market share or actually share price. But knowing the context that you are from the stock exchange, I guessed it was share price. So first of all, our share price has rallied for a while. Yeah?
We always asked the question by investors, "What do you think about your share price?" And we would more or less usually tell the investors that our share price, in relation to the analyst valuation, was always at a discount. And we think it is just purely corrected back to where everyone was valuing the company at. And then the second thing, and I always say this to investors, my job and that of Dilip, our CFO, and Wim in Ethiopia is to execute on the strategy that has been approved by the board. And then you guys can decide what the share price should be. So that's surely my answer and to give you all the information you need to be able to value the company, but we are pleased with the rally.
But I think we just think that it is a reflection of where the company should have been anyway.
Thank you. Thank you, Peter. Thanks for that question, Chege. Still looking in the room. Yes, I see your hand. Just go ahead.
Thank you. And I'm Victor Amadala from The Star newspaper. My question is around some speculations from the government of flooding its shares in Safaricom. Maybe if I can get a clarification on that. Thank you.
Victor, is that a question for me? Because you're talking about government. My job is to run Safaricom. And the only thing I can say is there has not been no formal communication to our board. And Chairman is here. He can answer that question. I think there was some speculation based on what the minister had said around funding of the budget and so on and so forth.
We have some representatives from the government on our board. I will leave them to decide whether to answer that question, but as far as I know, that is a shareholder decision. Nothing has come to us as a board.
All right. Thank you. Thank you for your question, Victor. Thanks, Peter. I'll now go online and to you, Dilip. What is the expected timeline for break-even in Safaricom Ethiopia? And please just let me—Yes, so I'll combine this with this question because it's also speaking to the break-even. What is the impact of no price parity in Ethiopia on the group guidance or Ethiopia break-even target? So if you could respond to that, Dilip.
Yeah, so this is the question. I think if it was not asked in this forum, then the forum will be incomplete. So when is Ethiopia breaking even?
So I think just to look at where we are today, this is not a full year results release. Normally, we don't talk about all of those things in the half-year. It's kind of a pit stop to see what we plan for the year, where we are today halfway through the year. As you have seen, very strong performance. I mean, I'm sure whosoever has asked this question, as you analyze the results, you can see for yourself, Kenya is doing extremely well. And then Ethiopia is impacted by the currency depreciation. So Peter mentioned in his comment, the overall group guidance doesn't change. And I just want to also highlight in the same manner for Ethiopia, we still remain confident of FY 2027 break-even, what we have spoken about earlier.
We still, for this year itself, we still have six months to go in terms of looking at things that can happen in the future. That links to the other questions that came in about the market repair. Yes, we did speak about two things in our full year results in the context of guidance. We do expect currency to depreciate, but in a certain manner, not the way it has depreciated this year. It has depreciated way above our expectation. Second is we expected certain market repair in the context of what happened in the last year. It is purely driven by the fact that you have seen the currency depreciated by 146% or something like that, you know, from a $57 to $146 .
Anywhere in the market, you'll always see that our investments are in hard currency, but we aren't in local currency in birr. Obviously, your cost of operations goes up. There is a lag always that when the currency depreciation happens and when the price hikes happen. There was one which happened last year, but we haven't seen anything coming up this year. We are hopeful, and we remain hopeful about price repair happening in future. As I said, it's just the half-year and still have six months to go. Therefore, it doesn't have, at this point in time, based on what we have assessed, doesn't have any impact in the change in the Ethiopia break-even. Also, we do deal with those uncertainties in a way.
The management can also, along with the board, take certain direction in the way we invest, in the way we spend money, in the way we spend CapEx. So that's what I just wanted to confirm to you that nothing changed in terms of our guidance on FY 2027 Ethiopia break-even.
Thank you. Thank you very much, Dilip, and I'll move over to you, Wim. M-PESA in Ethiopia recently integrated with EthioSwitch to allow M-PESA bank transactions. How big is this opportunity for the company, Wim?
Okay, thanks for that question. For sure, it's a big opportunity because it is mandatory. So the NBE, National Bank of Ethiopia, has passed a regulation where there is mandatory integration on the EthioSwitch, which is the national switch, if you want. We are the first telco to integrate with our M-PESA platform.
Of course, we are already integrated directly with a number of banks, 18 banks to be correct. But now we will have either an alternative way to interconnect with the banks we've already been connected with. And we will also now be able to connect with all the other players that ultimately will have to connect onto the EthSwitch. So we are hopeful that the regulator will enforce its mandate and make sure that all the players within due time are connected onto the EthSwitch. And then we will have access to the entire digital payment ecosystem in the entire country.
Thank you. Thank you very much, Wim. I'm back into the room. Any more questions or comments in the room? Okay. My online audience is very active, so I will have to see what to do with my in-house or my in-room audience.
Let me come back to you, Peter. There's an online question here that asks, as we scale and diversify on AI, how does Safaricom leadership, what does Safaricom leadership see as the most critical factor in ensuring that innovation and growth remain deeply anchored in customer trust and everyd ay experience? Peter?
Yeah, I think it's a fantastic question. So when we came up and presented our strategy to the board to be Purpose-led Techo, the intention there, and we said two things we were going to do. One is to ensure that we use technology to change everyday people's lives as individuals and be the financial services and digital services partner of choice for private and public sector. Those were the two things. So it was always anchored in ensuring that we are serving customer or societal challenges. Of course, AI is a big enabler of that.
Based on our own experience so far, and the AI sounds very theoretical and so on, we already see very practical ways of using AI for three things. One is to target propositions better so that we can ensure that customers are receiving what they want based on the segment. If you are youth, if you are a certain different customer, you receive different segments. And we can be able to do it there by targeting through AI. The second, and including smart pricing. So if we have a network that's available and is not being used, you can actually give more value to our customers. While during congestion period, you can scale it back. So AI allows us to retain that flexibility. And you've had CVM for a long time. We're now incorporating AI in CVM so the dynamic elements around CVM are improving.
Then the second way we use AI is, of course, experience. And customer journey and all the issues that customers face every day is what really AI will really help us deliver. Fraud detection, identifying sources, identifying which customers are likely to be defrauded. You know, all this social engineering. We process 150 million transactions on M-PESA every day. There's no way humanly you can be able to deal with it without automated intelligence, especially in the days of Gen AI and agentic AI. So we are starting to see the benefit of AI in simplifying how we deliver experience. And then the third one is cost. And cost in terms of efficiency so that we are able to reduce costs so that we price better, we give more value. So those are the three things that we are looking at.
So at the end of the day, every element will actually be in service of the customer. We are also starting now to think about AI for good because we do a lot of sustainability work. How can we push the boundaries around how we use AI for accessing cohorts of customers so that we don't leave anyone behind? And then realizing that AI, there's also a downside. How do we manage that downside? I mean, I have appeared in the newspapers promoting M-PESA promotion in an AI-executed whatever. I've seen very many executions of my voice.
In fact, one of my team told me, "If I didn't know you, I would have thought it is you." So we need to be aware that there's also misuse of AI and have the data governance, the platforms, and the ability to be able to ensure AI is optimized for our customers and our society benefit.
Thank you. Thank you very much, Peter. Question for you, Dilip. I think let's dispense with this one. Will there be a half-year dividend?
Yeah, so I think what we have done so far, I think for the last three years, maybe, or four years, for the last four years, that you normally pay two dividends, what is one we call the interim and the final.
And we haven't. I mean, if you just go back the cycle of those dividends, typically the interim dividend discussion or interim dividend comes. Announcement comes in February. So the board has not approved any interim dividend because typically our cycle of that decision comes in February. And then the final dividend comes after the AGM in July. So we are not expecting any change to that cycle. So there is no announcement of an interim dividend today. But I don't also see that there is no reason why we should not be doing in the cycle that we have followed in the past.
Thank you. Thank you, Dilip. And coming back to you, Wim. And I know we talked about the diversification of our revenues and now offering more products. So the question is, what is the expected progress with regard to fixed internet in the Ethiopian market?
Yeah, so as you've noticed, the mix of the revenue has changed. We have had disproportional growth actually on voice, going from 12% to 22% contribution. Doesn't mean, of course, that data has gone down. It's just that voice is growing faster. Peter mentioned it around the on-net clubbing effect. But the opportunity on data, mobile data is big. And the opportunity on fixed data is actually even bigger because we have a lot of usage today on our mobile network. You've seen 6.7 gigabytes per month, which is higher than here. That gives you an indication that there's a lot of usage today on the mobile network, which actually is more of a fixed kind of usage.
So if you can offload that traffic from a mobile network to a fixed, you would actually be able to do it in a more cost-efficient way, open up your mobile network for what it's built for, mobile connectivity, not semi-fixed connectivity. So we're definitely embarking on a strategy on how to capture that traffic. So it's about 5G, it's fixed wireless access. It's also partnerships with existing ISPs who have fiber infrastructure so that we can also start developing the growth of that fixed data opportunity.
Thank you. Thank you, Wim. I'm coming back to the room. Any questions in the room? We are just about to close the Q&A session. Yes, I see your hand. Please go ahead.
Hello. My name is Glory from Hope Media. So I'm asking, why can't someone apply for an SIM online to have a prompt to secure his own connectivity?
Because at some time, the tellers are lesser than the customers, and even others are disadvantaged due to the closing hours of the shops. Thank you.
Did you mention eSIM? Yeah. Yeah. No, I think it's a very good feedback. How do we onboard customers fully digitally? I think that's what you were talking about, that you don't need to go to the stores. There is still work to be done in terms of the requirement that we have from a regulatory perspective of KYC. And I think that's what makes it a bit challenging as of now. But there is no reason to believe that this cannot be solved in the future with a little bit of tweaking in the regulation, how the KYC still can be done at the comfort of the customer's home and not necessarily needing to go to the stores.
Yeah, I think it's a fantastic one, and we are currently. It's a live conversation within our team, and using technology to enable that to happen while staying true to making sure the KYC is right, because we also don't want to introduce social engineering and people faking that piece, but there was a different question on AI. That's one of the reasons why AI will also be powerful. The move towards kind of digital ID, where you can identify yourself rather than physical ID, will also really be powerful, and that is not very far away in terms of converting your KYC into a digital way of actually identifying you and being able to verify remotely will be a way of actually ensuring that we are able to do that, so watch this space. It is something that we can be able to do.
But we are very cautious to make sure that it doesn't introduce a lot of fraudulent registrations or go against the regulatory elements.
Thank you. Thank you, Dilip and Peter, for those responses. And lastly, my question to you, Peter. And I know you did make mention around the World Bank report. And I think maybe just maybe more for amplification on the same. The question is, could you please comment on the viability of the investment in Ethiopia and the obstacles posed by existing operators as detailed in the World Bank report published last month? And as you do so, there is a guy watching online who is asking, what keeps you awake at night? So you can give us a few of those things so that we also get to support you as your team as we close the Q&A.
So, as soon as Caroline started asking the question, I looked at Wim and I said, "This is your question." Then, as soon as you talked about viability, he said, "No, no, it's yours." So, I think Dilip spoke about it, and in my presentation, I said, "We are in Ethiopia for the long term." You kind of don't test by spending $2.5 billion in a country and then test and then come out, so our intention is to be in Ethiopia for the long term, and we have made that intention clear by making very bold investments and very quickly. We are already getting closer to scale for our business from a network perspective, from a customer standpoint, so we said scale is about 4,000 sites, which we are almost there or will be there in the next 12 months.
And then scale on the customer side is $15-$20 million. Again, we'll be in that range. So we are getting there. And then we need to engage stakeholders so that industry issues, these are not issues for Safaricom. Industry issues are resolved. The impact of effects will affect the industry, not just Safaricom. And we've seen it around Africa. Every time there has been massive devaluation, there has been correction in market to ensure that the cost that is incurred is reflected in price. So we have to be patient, but we are optimistic of the repair work that needs to happen. But certainly, I can say we are committed. We'll also, of course, make judgments, as Dilip says, about how to phase how we give ourselves enough time to catch up with the market corrections that happen.
Even in all the other markets, in Egypt, in Nigeria, in Ghana, and so on, they have had to have big corrections after FX issues have affected the market. Yeah. And Wim can add if he has a view. And then in terms of what keeps me awake, it's ensuring that we serve our customers every day and that we deliver an always-on safe, secure experience for our customers in an environment that is digital, where with all this technology, customers sometimes are not sure who is serving them or whether something is fake or not and so on and so forth. So that's one aspect. And then the second is to renew the business for the future. We want to be a purposeful technology company. How do we keep solving challenges that ensure our business continues to be right-sized for future growth? So those are the elements.
I think if you came to my office, I would give you the more emotional ones that keep CEOs awake. But those are the ones I would like to share at this stage.
No, thank you. Thank you. So please help me in appreciating our leaders, Peter, Dilip, and Wim. Thank you very much for that engaging session. I know we still have a few more questions online, but we will have a lot of platforms post this day to be able to engage with you a little bit more intimately and, of course, in a detailed way on the results that we've just released to you. I also want to confirm that all the results materials are now uploaded on our website so you can be able to download and internalize them further.
Of course, when those engagement sessions show up, then you'll be able to have your questions or comments addressed. I have seen a comment from one of our online viewers saying that this performance is great and they hope that KRA will be lenient on Safaricom. We will look for you to help us lobby on that one. But thank you very much for those comments as well. I think we bring this session to a close. I've been your moderator, Caroline Wambugu. I can only say, have a good day, stay safe, and let's stay connected. Otherwise, thank you very much and God bless you. Have a great day ahead.